Mortgage broker - Study guides, Class notes & Summaries

Fundamentals of Mortgage Brokerage 2024 Graded A+ Which of the following is part of RECA's commitment to consumer protection? What are some benefits that mortgage brokerage trade associations offer their members? Licensing Standards for mortgage industry members Which entity has the authority to amend the Act? Provincial Legislators Which of the following represents an accountability mechanism that RECA must comply with under the Act? Previous Fiscal year In addition to mor...

chapter 2 of mortgage broker course correctly answered

Question: A sublessee is a(n) correct answers . Tenant Question: A major disadvantage of owning investment property might be correct answers Lack of Liquidity Question: The most favorable thing about a VA loan is that correct answers VA loans guarranty gives the veteran favorable financing terms because the lender is protected from loss Question: Once the funds of a construction loan are disbursed to the contractor, and if the sub-contractor is not paid, correct answers . The sub-contra...

2023/2024 OACIQ Exam Prep - Questions with Verified Answers When do you need a new certificate of location? If previous one is older than 10 years, requires a new one. In the description sheet in MLS, inform collaborating brokers that a new one will be available soon. Seller asks to reduce commission if you find a buyer? You can include a clause in the BCS in 11.1 stating that in the event that you find a buyer, you will reduce your commission to 3%, however in the case of multiple offers, thi...

According to the Dower Act, what is NOT one of the criteria used to determine if Dower applies? - Answer-The property is mortgaged in the name of one party According to the Dower Act, which of the following would be considered disposition of the property?I. Selling the propertyII. Leasing the propertyIII. Placing a mortgage on the propertyIV. Getting a line of credit against the property - Answer-All of the above Explanation Disposition of the property includes:Selling the propertyLeasing ...

What law prohibits a lender from requiring mortgage insurance through any agent or company? Anti - coercion law Who supervises all activities of the OFR? The director What are examples of prohibited practices under Chapter 494? Mostly fraud related activities Who can a fee or commission related to a mortgage loan transaction be paid to under chapter 393? Mortgage broker Mortgage lender A person exempt from licensure under the law. What disclosures need to be pro...

SAFE Mortgage Loan Originator Test - National Component with Uniform State Content Questions and Answers Already Passed What does UST stand for? Uniform State Test Who does the CFPB protect? The Consumer Financial Protection Bureau protects consumers in the financial marketplace. What does the CFPB do? CFPB is now in charge of implementing and enforcing most of the provisions of federal lending laws that relate to protecting consumers while they are shopping for, securing, and p...

Fundamentals of Mortgage Brokerage Exam With Complete Solutions AACI - answerAccredited Appraiser Canadian Institute - designation granted by Appraisal Institute of Canada Accelerated Payments - answerpayment options stream whereby the monthly mortgage payment is either split in half or in quarters and is paid every two weeks (bi-weekly) or every week (weekly) Accredited Mortgage Professional - AMP - answernational designation for mortgage professionals in Canada issued by the Canadian A...

Practice of Mortgage Brokerage - AMBA with complete solutions rated A+

FUNDAMENTALS OF MORTGAGE BROKERAGE